I am a salaried and had booked a under construction Flat in year 2010, on Bank Loan which got cancelled in Jan 2014.
Please find the details about the losses below
Reason of Loss : My under construction Flat was cancelled by the builder.
Amount of Loss : Approx 4 yrs of EMIs (i.e. Interest + Principal Amount) paid to the Loan provider Bank.
Please let me know if you could help me to get proceed with either of below options
a) Refund of Tax paid in last 4 years by resubmitting the previous year ITRs
(I couldn't find where I should mention this loss amount in ITR-1 form)
or
b) consideration of loss amount in current year's Tax calculation.
( I couldn't find under which section I can declare these losses as Section 24 and 80C says for possesed house only.)
Are there other options to leverage IncomeTax benefit over the incurred losses ?
Kindly let me know whether a salaried person could meet with a loss or not ?
If yes, I believe that there must be a way out to project such losses as per Guidelines for Income Tax Laws.
Please suggest, as its a huge financial loss to me for time, amount, value, price appreciation and emotional also.
Thanks
CAclubindia
